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Friday, June 24, 2011

Common Mistakes with Renting Office Space

People who have never rented office space before are, naturally, prone to making some mistakes when going through this process.  Even though we all make mistakes, making them in a business setting can sometimes be quite costly.  There are a few common mistakes that tenants make that you must be aware of in order to avoid. 
The first is a lack of planning.  Many tenants aren’t clear on what they need, such as with the amount of space they are going to want, the heaviness of their equipment, and if telecoms or extra electric space is needed.  Consulting a professional about these things will benefit you and the way you spend your money.
Another mistake people make is with the rent and security deposit.  People have a tendency to not check out other similar properties before putting the security deposit down, and wind up trapping themselves with payments that are through the roof.  It is important to compare similar office spaces to find out the going rent for that area.  You will also want to try and negotiate your security deposit, as it should be based on demand, supply and the regular market norms. 
Not checking the terms of the lease is another mistake that is common amongst tenants.  You must read and understand everything in the lease before signing it.  Some people think of this as a hassle but that fine print will sneak up on you in the end if you don’t. 
Lastly, if you are thinking about moving from your temporary office space, do not underestimate the time it will take you to do so.  Renewing a lease or moving altogether can sometimes take anywhere from 6 to 12 months—sometimes more than that if your company is very large.  Divide up your time carefully and make sure you are ready for whatever may be thrown your way.  There will always be elements of surprise and things you just aren’t aware of, but knowing and understanding as much as you can when renting or leasing office space is crucial to your overall success and longevity.

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